Milton Friedman was an American economist and a recipient of the Nobel Memorial Prize in Economic Sciences. Friedman was a champion of free market thinking and a staunch opponent of inflationary government policy. Friedman also played an important role in the the creation of a retail forex market.
Milton Friedman was a tireless advocate for free markets over government controls. Luckily for today’s forex traders, his dedication extended to currency exchange rates. Friedman worked with Leo Melamed of the Chicago Mercantile Exchange (CME) to outline the rationale for a robust futures market for currency valuation. Friedman’s paper, The Need For Futures Markets In Currencies became the intellectual framework that the CME built its International Monetary Market (IMM) around in 1972 - less than a year after the cancellation of the Bretton Woods Agreement made a worldwide currency market an inevitability.
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